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Damco noted seafreight setback but improved profits

The Maersk Group's logistics unit Damco, which has been struggling in recent years, made USD 20 million in the third quarter, though the deselection of non-profitable business in seafreight produced a 10 percent decline in volumes.

Logistics company Damco delivered a USD 20 million net profit in the third quarter 2015, up from a deficit of USD 68 million in the same period last year. As such, the efforts to turn the severely negative developments at the company around seem to finally bear fruit after Maersk last year injected massive sums in Damco following large impairments on previous investments.

According to the Maersk Group's third quarter interim report on Friday, Damco's seafreight volumes declined 10 percent, though the company attributes this fact to the deselection of non-profitable businesses. Damco's revenue decreased a combined 15 percent, to USD 719 million in the third quarter, primarily due to exchange rates.

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